Choosing a Rehab-Hard Money Lender in Chicago

There are many different factors that are involved when a real estate investor or rehabber is looking for funding for their construction or rehab projects.

The novice investor is solely focused on price, i.e. the rate of interest and the upfront points (percentage of total loan amount) that they will typically need to pay in order to get the loan funded.
The “professional investor” is looking at the financing cost as part of the overall equation along with many other factors that will help them achieve the profit that they are targeting.
The novice investor is usually naive when assessing the total project and often searches for the cheapest money possibly, while overlooking hidden costs that will pop up to sting them while in the middle of the endeavor
Choosing the right rehab lender, especially in the Chicago market, means choosing a firm with the experience and local market knowledge that may ultimately save you hundreds, maybe even thousands, of dollars by assessing and understanding your plan before the project is finished.

Examples may be:

Evaluating your entire project while your loan is being processed
Helping with the permitting process

Having an experienced construction inspector

A quick and efficient draw process that gets money back into the hands of the rehabber. This insures that project is moving along and can be completed on schedule, a major factor in terms of reaching the level of profitability targeted.

Assisting in defining an exit financing source that can help convert a rehab loan to a conventional loan in a timely fashion.

Select Funding LLC is a direct lender. What does that mean to you as the borrower? A quick decision on whether your particular deal will meet our criteria.
A 10-14 day closing process because we are “the bank”. We understand the urgency in getting a deal closed and how that figures into the profitability of your rehab project.

Cheap money can be very expensive if the firm that you are working with cannot provide value that you need to be successful.

Select Funding LLC is not only a provider of capital for rehab loans in Chicago and the surrounding area, but also a source of knowledge for helping to make your project a success. With years of knowledge in the Chicago real estate market as well as an expertise in finance we look forward to speaking with you regarding your next rehab project.